$PBNAF

PEMBINA PIPELINE CORP

CIK:0001546066|SEC Filings

CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - CAD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Revenue (Note 18)	$ 7,778	$ 7,384
Cost of sales (Note 5)	4,794	4,396
Share of profit from equity accounted investees (Note 10)	209	328
Gross profit	3,193	3,316
General and administrative	477	444
Other expense (income)	20	(4)
Gain on disposal of assets	(113)	(21)
Loss on acquisition	0	616
Results from operating activities	2,809	2,281
Net finance costs (Note 19)	602	561
Earnings before income tax	2,207	1,720
Current tax expense	432	261
Deferred tax expense	81	(415)
Income tax expense	513	(154)
Earnings	1,694	1,874
Earnings attributable to:
Shareholders	1,694	1,864
Non-controlling interest	0	10
Other comprehensive income (loss), net of tax (Note 22)
Exchange gain (loss) on translation of foreign operations	(272)	436
Impact of hedging activities	6	(37)
Re-measurement of defined benefit asset or liability (Note 20)	32	21
Other comprehensive income (loss), net of tax	(234)	420
Total comprehensive income	1,460	2,294
Comprehensive income attributable to:
Shareholders	1,460	2,284
Non-controlling interest	0	10
Earnings attributable to common shareholders, net of preferred share dividends	$ 1,550	$ 1,721
Earnings per common share - basic (in CAD per share)	$ 2.67	$ 3.00
Earnings per common share - diluted (in CAD per share)	$ 2.66	$ 3.00
Weighted average number of common shares (millions)
Basic (in shares)	581	573
Diluted (in shares)	582	574

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Earnings attributable to common shareholders	$ 1,694	$ 1,874
Adjustments for items not involving cash:
Share of profit from equity accounted investees (Note 10)	(209)	(328)
Depreciation and amortization	987	862
Loss on acquisition	0	616
Unrealized loss from derivative instruments (Note 23)	37	170
Net finance costs (Note 19)	602	561
Share-based compensation expense (Note 21)	94	84
Income tax expense (recovery) (Note 11)	513	(154)
Gain on asset disposal	(113)	(21)
Derecognition of insurance contract provision	0	(34)
Cash items paid or received:
Distributions from equity accounted investees (Note 10)	544	626
Net interest paid (Note 19)	(583)	(502)
Share-based compensation payment	(89)	(91)
Taxes paid	(346)	(404)
Change in non-cash operating working capital	221	(43)
Net change in contract liabilities (Note 18)	(24)	(3)
Other	(27)	1
Cash flow from operating activities	3,301	3,214
Financing activities
Net increase (decrease) in bank borrowings (Note 14)	191	(274)
Proceeds from issuance of long-term debt, net of issue costs (Note 14)	1,021	2,733
Proceeds from subscription receipts (Note 16)	0	1,228
Repayment of long-term debt	(1,154)	(1,009)
Repayment of lease liability	(84)	(78)
Issuance of common shares on exercise of options	6	11
Redemption of preferred shares (Note 16)	(451)	0
Distributions to non-controlling interest	0	(12)
Purchase of non-controlling interest	0	(220)
Cash flow (used in) from financing activities	(2,243)	678
Investing activities
Capital expenditures	(784)	(955)
Contributions to equity accounted investees (Note 10)	(410)	(371)
Acquisition	0	(2,620)
Proceeds from sale of assets	139	38
Interest paid during construction (Note 19)	(28)	(26)
Advances to related parties (Note 26)	(27)	0
Return of capital from equity accounted investees (Note 10)	0	63
Changes in non-cash investing working capital and other	20	(42)
Cash flow used in investing activities	(1,090)	(3,913)
Change in cash and cash equivalents	(32)	(21)
Effect of movement in exchange rates on cash held	(3)	11
Cash and cash equivalents, beginning of period	141	151
Cash and cash equivalents, end of period	106	141
Common share capital
Financing activities
Dividends paid	(1,638)	(1,569)
Preferred share capital
Financing activities
Dividends paid	$ (134)	$ (132)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 106	$ 141
Trade receivables and other (Note 6)	836	1,005
Income tax receivable	19	113
Inventory (Note 7)	284	301
Derivative financial instruments (Note 23)	14	13
Current assets	1,259	1,573
Non-current assets
Property, plant and equipment (Note 8)	22,550	22,738
Intangible assets and goodwill (Note 9)	6,345	6,528
Investments in equity accounted investees (Note 10)	4,344	4,267
Right-of-use assets (Note 13)	526	530
Finance lease receivables (Note 13)	239	223
Derivative financial instruments (Note 23)	114	0
Other assets	178	108
Non-current assets	34,296	34,394
Total assets	35,555	35,967
Current liabilities
Trade payables and other (Note 12)	1,321	1,202
Loans and borrowings (Note 14)	600	1,525
Lease liabilities	83	89
Contract liabilities (Note 18)	39	43
Derivative financial instruments (Note 23)	22	49
Current liabilities	2,065	2,908
Non-current liabilities
Loans and borrowings (Note 14)	11,066	10,535
Subordinated hybrid notes (Note 14)	1,022	596
Lease liabilities	539	576
Decommissioning provision (Note 15)	540	426
Contract liabilities (Note 18)	305	255
Deferred tax liabilities (Note 11)	2,957	2,868
Derivative financial instruments (Note 23)	116	110
Other liabilities	174	183
Non-current liabilities	16,719	15,549
Total liabilities	18,784	18,457
Total equity	16,771	17,510
Total liabilities and equity	$ 35,555	$ 35,967